Timeline: The Global Credit Crisis
Posted on Oct 6, 2008
To help all those still reeling from sudden onset econo-tastrophe syndrome, the BBC has put together a handy timeline, which connects the dots between events over the last couple years but doesn’t quite take the long view, thus leaving out a few key moments and players from, say, the 1990s (paging Phil Gramm).
22 January (2008)
The US Fed cuts rates by three quarters of a percentage point to 3.5%—its biggest cut in 25 years—to try and prevent the economy from slumping into recession.
It is the first emergency cut in rates since 2001. Stock markets around the world recover the previous day’s heavy losses.